Saraswat Bank-the numero uno of urban cooperative banks in the country has introduced a scheme for professionals and small business enterprises which takes care of their financial requirements.
Calling it New UNNATI scheme for finance to manufacturers, traders, service providers and professionals the plan offers up to Rs 50 lakh term loan to them.
The UCB has listed the facilities and features being offered by it at its corporate home page which can be accessed by clicking on
http://www.saraswatbank.com/news_and_announcements/display_news/116
On the basis of working Capital of 20% of turnover Saraswat Bank offers Rs 50 lakh to professionals and small businessmen and manufacturers. It offers up to Rs 25 lakh to small traders under this scheme.
It offers a Term Loan which is 3 times the net cash accruals or 80% of cost of the assets to be purchased whichever is less.
There is also 0.10% concession for woman entrepreneurs and the deadline of repayment is up to 7 years. Maximum moratorium period is for 1 year, reads its release.
Security demanded by it includes fixed assets like shop, furniture, etc.